Author: Rachel Lilienthal Stark
Don’t Let Your LLC Expire: LLC Owners Should Check Formation Documents to Confirm Perpetual Duration
Posted in Business & Commercial Law, Business & Corporate
When the New Jersey Limited Liability Company Act originally went into effect in January 1994, the Internal Revenue Service required that a limited liability company have at least a majority of the characteristics of a partnership in order to be taxed as a partnership rather than a corporation. The IRS… Continue reading
The Corporate Transparency Act and Reporting Requirements
Posted in Business & Commercial Law, Business & Corporate
Current as of 1/2/2024 On January 1, 2024, the Corporate Transparency Act, 33 U.S.C. §5336, (the “CTA”) took effect and strict compliance must be met by all entities and individuals to which it applies. The CTA adds reporting requirements for particular beneficial owners in various entities. The CTA’s primary goal… Continue reading
Phase 3 of NJEDA Small Businesses Emergency Assistance Grant Program
Posted in Business & Corporate
On October 14, 2020, the New Jersey Economic Development Authority (“NJEDA”) announced Phase 3 of the NJEDA’s Small Business Emergency Assistance Grant Program. Pre-registration for eligible businesses for Phase 3 funding opens TODAY (October 19, 2020) and can be done on NJEDA.com.
The NJRA Will Launch the Small Business Lease Emergency Assistance Grant Program
Posted in Business & Corporate
The New Jersey Redevelopment Authority (“NJRA”) will launch the Small Business Lease Emergency Assistance Grant Program on August 10, 2020. The program will allow businesses in 64 eligible municipalities to apply for grants of up to $10,000 for lease costs. The program will assist small business owners impacted by the COVID-19 pandemic,… Continue reading
Paycheck Protection Program Update
Posted in Business & Corporate
On June 11, 2020, the Small Business Administration (“SBA”) issued an additional Interim Final Rule to amend the First Interim Final Rule that was issued April 2, 2020. The June 11th Interim Final Rule was released to reflect the modifications to the Paycheck Protection Program (PPP) by the Paycheck Protection… Continue reading
PPP Loan Forgiveness Application Released
Posted in Business & Corporate
The Small Business Administration (SBA) recently published the borrower application to request loan forgiveness for a Paycheck Protection Program loan (PPP Loan). The form and instructions inform Borrowers how to apply for forgiveness of their PPP Loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Borrowers… Continue reading
Update: Affiliation Under the Paycheck Protection Program
Posted in Business & Corporate
The Paycheck Protection Program (“PPP”) officially launched April 3, 2020. In the application for a PPP loan, applicants are required to disclose if the applicant or any owner of the applicant is an owner of any other business, or has common management with, any other business and if so, for… Continue reading
